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TheCountOfNowhere

Let's all laugh at the Buy To Letters

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I've said a few times on here, crazy people in Far Cotton Northampton paying 4x the value of a house on streets that were 3 feet under water 20 years ago.

And, as I also said, we only need to be right once....

 

image.png.ecf60f8e26281fd7f09b64e9513349ee.png

 

Those houses have become worthless ( again ) over night.

This is BTL investor-ville.

No laugh please.

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I think part of the mistake that BTL investors make is seeing the transaction more as buying a yield, rather than buying a house or flat. This means that if a purchase can earn a certain yield, they don't really care what they are buying physically. They will pay big prices for problem properties that owner occupiers would shun, unless they were going very very cheap. Tenants of course care much less, because they don't own these places, but all the rubbish properties suddenly have a value way beyond their physical desirability.

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27 minutes ago, leonardratso said:

once the waters have drained, the BTL'ers will pump exactly £0.00 into the required refurb/deswill.

It's their pension.....when they come to sell them they'll get a shock.

Not to mention the couple of people that will have been S24-erd and need to sell sharpish.

Edited by TheCountOfNowhere

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My sister in law lives in similar circumstances in Gloucester. They have little rails screwed to their doorframes to slide a sheet of perspex into if the water starts flooding. Apparently it does a good job and in the last food they used their front window as a door til the water went down. 

If these houses have similar anti flood features I can see landlords taking tenants to court to reclaim the cost of cleaning if the tenants didn't get to set up the flood defences properly. 

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I don't understand the problem, so what if they do flood? It's only tenants going in there, not people. 

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39 minutes ago, regprentice said:

My sister in law lives in similar circumstances in Gloucester. They have little rails screwed to their doorframes to slide a sheet of perspex into if the water starts flooding. Apparently it does a good job and in the last food they used their front window as a door til the water went down. 

If these houses have similar anti flood features I can see landlords taking tenants to court to reclaim the cost of cleaning if the tenants didn't get to set up the flood defences properly. 

The nes near the river in Yawk have special gardens where you can slot a steel sheet.

Gives you anextra ~ 4foot of flood safety.

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Isn’t the problem the landlords face just the same as the one owner occupiers also face?

it makes sense that these be rental properties because a property liable to flooding is awful for an owner occupier, whereas for a landlord it is an insurance issue. Bad for the tenants too, but in a furnished property it is less of an issue if the can keep personal effects safe. 

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Expect tax payers will foot the bill for floodvdefences to protect against flooding in future...I am sure this will be call for and some cretinous politician will support this..think of the homeowners.

Reality= poorer worker renter/saver subsidises protection for richer unproductive rentier's assets.

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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